Common use of Cash Distributions; Cash Dividends; Voting Rights Clause in Contracts

Cash Distributions; Cash Dividends; Voting Rights. Unless an Event of Default shall have occurred and be continuing, the Pledgor shall be permitted to receive (a) all cash distributions paid in the normal course of business of the LLCs and to exercise all voting, member and manager rights with respect to the Interests, and (b) all cash dividends paid in the normal course of business of any corporate or other Subsidiary and consistent with past practice, in respect of the Pledged Stock and to exercise all voting and corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or right exercised or other action taken which, in the Collateral Agent's reasonable judgment, would impair the Collateral or which would be inconsistent with or result in a breach of any provision of the Credit Agreement or the EPNHC Credit Agreement, the Notes, any other Loan Document or this Agreement.

Appears in 1 contract

Samples: Epepc Security Agreement (El Paso Energy Partners Lp)

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Cash Distributions; Cash Dividends; Voting Rights. Unless an Event of Default shall have occurred and be continuing, the Pledgor shall be permitted to receive (a) all cash distributions paid in the normal course of business of the LLCs and to exercise all voting, member and manager rights with respect to the Interests, and (b) all cash dividends paid in the normal course of business of any corporate or other Subsidiary and consistent with past practice, in respect of the Pledged Stock and to exercise all voting and corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or right exercised or other action taken which, in the Collateral Agent's reasonable judgment, would (i) impair the Collateral in a manner that would reasonably be expected to have a Material Adverse Effect or which would be inconsistent with or (ii) result in a breach of any provision of the Credit Agreement or the EPNHC Credit Agreement, the Notes, any other Loan Document or this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Gulfterra Energy Partners L P)

Cash Distributions; Cash Dividends; Voting Rights. Unless an Event of Default shall have occurred and be continuing, the each Pledgor shall be permitted to receive (a) all cash distributions paid in the normal course of business of the LLCs and to exercise all voting, member and manager rights with respect to the Interests, and (b) all cash dividends paid in the normal course of business of any corporate or other Subsidiary and consistent with past practice, in respect of the Pledged Stock and to exercise all voting and corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or right exercised or other action taken which, in the Collateral Agent's reasonable judgment, would impair the Collateral or which would be inconsistent with or result in a breach of any provision of the EPN Credit Agreement or the EPNHC Credit Agreement, the Notes, any other Loan Document or this Agreement.

Appears in 1 contract

Samples: Epepc Security Agreement (El Paso Energy Partners Lp)

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Cash Distributions; Cash Dividends; Voting Rights. Unless an Event of Default shall have occurred and be continuing, the each Pledgor shall be permitted to receive (a) all cash distributions paid in the normal course of business of the LLCs and to exercise all voting, member and manager rights with respect to the Interests, and (b) all cash dividends paid in the normal course of business of any corporate or other Subsidiary and consistent with past practice, in respect of the Pledged Stock and to exercise all voting and corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or right exercised or other action taken which, in the Collateral Agent's reasonable judgment, would (i) impair the Collateral in a manner that would reasonably be expected to have a Material Adverse Effect or which would be inconsistent with or (ii) result in a breach of any provision of the Credit Agreement or the EPNHC Credit Agreement, the Notes, any other Loan Document or this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Gulfterra Energy Partners L P)

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